New agreement supports value-based pharma contracting
Industry experts are using their proprietary data/analysis to help structure contracts between pharmaceutical companies and plans.
Value-based contracting is critical for the future of optimal medication use, as evidenced by an engagement between a tech and data company, an advisory services company and a global biopharma company.
Inovalon, a technology company providing advanced, cloud-based analytics and data-driven intervention platforms to the healthcare industry, today announced that it has entered into an agreement with Bristol-Myers Squibb to bring Inovalon and Avalere's combined capabilities to bear on supporting real-world outcomes and value-based contracting initiatives. Avalere, which was recently acquired by Inovalon, provides data-driven advisory services and business intelligence solutions to the pharmaceutical and life sciences industry.
Mendelson
"Plans are demanding this approach because of the need to field competitive insurance products on the exchange and the need to keep cost under control," says Dan Mendelson, president of Avalere Health and member of the Inovalon executive leadership team. "Plans are also motivated to work with pharmaceutical companies that are engaging in real-world data and interested in taking responsibility for the value of their products."
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